Marathon Digital utilizes a dual strategy to exceed its mining goals and increase its Bitcoin holdings.
Marathon Digital reported record performance from its Bitcoin mining operations in November amid its ongoing efforts to secure the best cryptocurrency assets for its reserves.
In a December 2 statement, the company said BTC production increased 26% month-on-month to 907 BTC. Additionally, the active hash rate increased by 15%, reaching 46.1 EH/s, marking significant growth since October.
The miner also reported the highest number of blocks mined in a month, at 254, a 27% increase from October.
Marathon CEO Fred Thiel attributed these results to the successful deployment of new miners and improved operational efficiency. He emphasized that these achievements highlight the company’s leadership in the industry.
Bitcoin Acquisition
In a separate announcement, Marathon Digital disclosed plans to raise $700 million through a private offering of unsecured convertible senior notes due 2031.
The company explained that the notes will be convertible into cash, MARA shares or a combination of the two. It added that it plans to allocate up to $50 million of the proceeds to repurchase a portion of its existing 2026 convertible notes and use the remainder to acquire more bitcoin and support general corporate activities.
This follows a similar offering in mid-November in which Marathon raised $1 billion, allowing it to purchase 6,474 BTC worth about $615 million.
Thiel said Marathon’s dual mining and Bitcoin acquisition strategy provides significant flexibility, allowing the company to take advantage of favorable market conditions. He added that this approach makes Marathon more competitive by optimizing acquisition costs by purchasing during price drops and mining BTC at a lower cost than the prevailing spot price.
As of November 30, Marathon had acquired 12,965 BTC since the beginning of the year, at an average price of $77,692. In total, the company mined 8,563 BTC, bringing its BTC return per share to 37.2%. In total, the company holds 34,959 BTC worth $3.3 billion.
Marathon is the second-largest public Bitcoin holder after MicroStrategy, according to Bitcoin Treasuries data.
